LAVAL, QC, June 7, 2019 /CNW Telbec/ – Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT), has entered into a definitive agreement to provide extraction, and purification services to Tilray Inc. (“Tilray”) (NASDAQ: TLRY) a global leader in cannabis research, cultivation, production and distribution.
Neptune will receive, at its facility in Sherbooke, Quebec, cannabis and hemp biomass from Tilray. Neptune will provide extraction services to produce various extract formats which include crude resin, winterized oil and distillate extracts.
Under the terms of the agreement, the minimum volume of biomass to be processed over the three year term is 125,000kg, of which the first year is expected to represent 20% of total volumes.
“We are thrilled to be working with Tilray, a globally recognized leader in cannabis. The size and length of this contract is a testament to the strength of our commercial, scientific and operations teams.” said Jim Hamilton, CEO of Neptune.
“We are excited to start our relationship with such a great company as Tilray and we look forward to our future collaboration together” said Michel Timperio President of Neptune’s cannabis division.
Neptune expects to receive its first shipment of biomass from Tilray in September, 2019.
About Neptune Wellness Solutions Inc.
Neptune Wellness Solutions specializes in the extraction, purification and formulation of health and wellness products. The company’s wholly owned subsidiary, 9354-7537 Québec Inc., is licensed by Health Canada to process cannabis at its 50,000-square-foot facility located in Sherbooke, Quebec. Neptune brings decades of experience in the natural products sector to the legal cannabis industry. Leveraging its scientific and technological expertise, the company focuses on the development of value-added and differentiated products for the Canadian and global cannabis markets. Neptune’s activities also include the development and commercialization of turnkey nutrition solutions and patented ingredients such as MaxSimil®, and of a variety of marine and seed oils. Its head office is located in Laval, Quebec.